Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Sep. 30, 2020 | Nov. 12, 2020 | |
Cover [Abstract] | ||
Entity Registrant Name | Vitality Biopharma, Inc. | |
Entity Central Index Key | 0001438943 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2020 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Entity Reporting Status Current | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 50,840,147 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2020 | Mar. 31, 2020 |
Current Assets | ||
Cash and cash equivalents | $ 1,354,440 | $ 2,392,225 |
Prepaid expenses and other current assets | 13,195 | 15,666 |
Total current assets | 1,367,635 | 2,407,891 |
Deposits | 35,606 | 35,752 |
Operating lease right-of-use asset | 56,755 | 123,606 |
Total Assets | 1,459,996 | 2,567,249 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 702,202 | 862,528 |
Advance | 296,653 | 296,653 |
Operating lease liability, short-term | 57,697 | 125,679 |
Loan payable, current | 54,200 | |
Total current liabilities | 1,110,752 | 1,284,860 |
Loan payable, net of current balance | 42,788 | |
Total liabilities | 1,153,540 | 1,284,860 |
Commitments and contingencies | ||
Stockholders' Equity | ||
Common stock, par value $0.001 per share; 1,000,000,000 shares authorized; 50,840,147 shares issued and outstanding | 50,640 | 50,640 |
Additional paid-in-capital | 48,015,844 | 47,778,607 |
Accumulated deficit | (47,760,028) | (46,546,858) |
Total stockholders' equity | 306,456 | 1,282,389 |
Total Liabilities and Stockholders' Equity | $ 1,459,996 | $ 2,567,249 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2020 | Mar. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 50,840,147 | 50,840,147 |
Common stock, shares outstanding | 50,840,147 | 50,840,147 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement [Abstract] | ||||
Revenues | ||||
Operating expenses: | ||||
General and administrative | 374,290 | 726,881 | 947,543 | 1,587,100 |
Research and development | 98,829 | 294,521 | 266,293 | 623,009 |
Total operating expenses | 473,119 | 1,021,402 | 1,213,836 | 2,210,109 |
Loss from operations | (473,119) | (1,021,402) | (1,213,836) | (2,210,109) |
Other income (expense) | ||||
Change in fair value of derivative liability | 9,366 | 33,914 | ||
Other income | 187 | 617 | 666 | 23,524 |
Total other income (expense), net | 187 | 9,983 | 666 | 57,438 |
Loss from continuing operations | (472,932) | (1,011,419) | (1,213,170) | (2,152,671) |
Loss from discontinued operations | (216,031) | (666,058) | ||
Net loss | $ (472,932) | $ (1,227,450) | $ (1,213,170) | $ (2,818,729) |
Net loss per common share - Loss from continuing operations | $ (0.01) | $ (0.02) | $ (0.02) | $ (0.04) |
Net loss per common share - Loss from discontinued operations | $ 0 | $ 0 | $ 0 | $ (0.01) |
Weighted average number of common shares outstanding Basic and diluted | 50,840,147 | 52,195,581 | 50,840,147 | 52,242,606 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Changes In Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in-Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at Mar. 31, 2019 | $ 52,090 | $ 47,150,489 | $ (42,181,503) | $ 5,021,076 |
Balance, shares at Mar. 31, 2019 | 52,290,147 | |||
Cancellation of shares | $ (1,450) | 1,450 | ||
Cancellation of shares, shares | (1,450,000) | |||
Fair value of vested stock options | 350,272 | 350,272 | ||
Net Loss | (2,818,729) | (2,818,729) | ||
Balance at Sep. 30, 2019 | $ 50,640 | 47,502,211 | (45,000,232) | 2,552,619 |
Balance, shares at Sep. 30, 2019 | 50,840,147 | |||
Balance at Jun. 30, 2019 | $ 52,090 | 47,390,394 | (43,772,782) | 3,669,702 |
Balance, shares at Jun. 30, 2019 | 52,290,147 | |||
Cancellation of shares | $ (1,450) | 1,450 | ||
Cancellation of shares, shares | (1,450,000) | |||
Fair value of vested stock options | 110,367 | 110,367 | ||
Net Loss | (1,227,450) | (1,227,450) | ||
Balance at Sep. 30, 2019 | $ 50,640 | 47,502,211 | (45,000,232) | 2,552,619 |
Balance, shares at Sep. 30, 2019 | 50,840,147 | |||
Balance at Mar. 31, 2020 | $ 50,640 | 47,778,607 | (46,546,858) | 1,282,389 |
Balance, shares at Mar. 31, 2020 | 50,840,147 | |||
Fair value of vested stock options | 237,237 | 237,237 | ||
Net Loss | (1,213,170) | (1,213,170) | ||
Balance at Sep. 30, 2020 | $ 50,640 | 48,015,844 | (47,760,028) | 306,456 |
Balance, shares at Sep. 30, 2020 | 50,840,147 | |||
Balance at Jun. 30, 2020 | $ 50,640 | $ 47,903,534 | $ (47,287,096) | $ 667,078 |
Balance, shares at Jun. 30, 2020 | 50,840,147 | |||
Fair value of vested stock options | $ 112,310 | $ 112,310 | ||
Net Loss | (472,932) | (472,932) | ||
Balance at Sep. 30, 2020 | $ 50,640 | $ 48,015,844 | $ (47,760,028) | $ 306,456 |
Balance, shares at Sep. 30, 2020 | 50,840,147 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities | ||||
Net loss | $ (472,932) | $ (1,227,450) | $ (1,213,170) | $ (2,818,729) |
Loss from discontinued operations | 216,031 | 666,058 | ||
Loss from continuing operations | (472,932) | (1,011,419) | (1,213,170) | (2,152,671) |
Adjustments to reconcile net loss to net cash used in operating activities | ||||
Fair value of vested stock options | 237,237 | 350,272 | ||
Operating lease expense | 66,851 | 62,103 | ||
Change in fair value of derivative liability | (9,366) | (33,914) | ||
Changes in operating assets and liabilities: | ||||
Prepaid expense and other current assets | 2,471 | 18,704 | ||
Deposits | 146 | (10,000) | ||
Accounts payable and accrued liabilities | (160,326) | 473,413 | ||
Accounts payable - related party | (5,200) | |||
Operating lease liability | (67,982) | (60,870) | ||
Net cash used in operating activities- continuing operations | (1,134,773) | (1,358,163) | ||
Net cash used in operating activities- discontinued operations | (666,114) | |||
Net cash used in operating activities | (1,134,773) | (2,024,277) | ||
Cash flows from financing activities: | ||||
Proceeds from note payable | 96,988 | |||
Net cash provided by financing activities | 96,988 | |||
Net decrease in cash | (1,037,785) | (2,024,277) | ||
Cash and cash equivalents - beginning of period | 2,392,225 | 5,982,741 | ||
Cash and cash equivalent - end of period | $ 1,354,440 | $ 3,958,464 | 1,354,440 | 3,958,464 |
Supplemental disclosure of cash flow information: | ||||
Cash paid during the period for: Interest | ||||
Cash paid during the period for: Income taxes | ||||
Supplemental non-cash investing and financing activities: | ||||
Initial recognition of operating lease right-of-use assets and operating lease obligations upon adoption of new lease accounting standard | $ 248,425 |
Business Operations and Summary
Business Operations and Summary of Significant Accounting Policies | 6 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Operations and Summary of Significant Accounting Policies | 1. BUSINESS OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Vitality Biopharma, Inc. (the “Company”, “we”, “us” or “our”), was incorporated in the State of Nevada on June 29, 2007. The Company’s fiscal year end is March 31. The Company is engaged in the research and development of cannabinoid prodrug pharmaceuticals, which we refer to as cannabosides. We discovered these cannabosides through application of the Company’s proprietary enzymatic bioprocessing technologies. In 2016, the Company received approvals from the U.S. Drug Enforcement Administration (the “DEA”) and the State of California to initiate studies and manufacturing scale-up at its research and development facilities in order to develop cannabosides. Liquidity Since we do not have any commercial products currently available in the marketplace, the Company does not generate any revenues. As reflected in the accompanying financial statements, during the six months ended September 30, 2020, the Company incurred a net loss of $1,213,170 and used $1,134,773 of cash in our operating activities. As of September 30, 2020, we had $1,354,440 of cash on hand, stockholders’ equity of $306,456 and had working capital of $256,883. Our total expenditures for the twelve months following September 30, 2020, are expected to be approximately $1,000,000, which is comprised of research and development and general operating expenses. Based on the funds we had available on September 30, 2020, we believe that we have sufficient capital to fund our anticipated operating expenses for at least one year from the date that the financial statements in this report are issued. On November 7, 2018, the SEC suspended the trading of our common stock. Our common stock resumed trading with limited liquidity on the grey market on November 21, 2018. Grey market stocks are not traded or quoted on an exchange or inter-dealer quotation system, but are reported by broker-dealers to their self-regulatory organization (“SRO”) and the SRO distributes the trade data to market data vendors and financial websites. Since grey market securities are not traded or quoted on an exchange or inter-dealer quotation system, investor’s bids and offers are not collected in a central spot, so market transparency is diminished and execution of orders is difficult. We are actively pursuing the resumption of ordinary course trading status on the OTCQB. In September 2020, we retained DelMorgan & Co., an internationally recognized investment banking firm, to advise us on our strategic alternatives, including potential financings, asset divestitures or strategic partnerships. While we believe that our existing cash balances will be sufficient to fund our currently planned level of operations and investment activity, we may require additional financing to fund our planned future operations. We do not have any firm commitments for future capital and until the Company’s securities resume ordinary course trading on the OTCQB (or are listed on a national exchange) it will be difficult to obtain financing on commercially reasonable or acceptable terms. We do not presently have, nor do we expect in the near future to have, material revenue to fund our business from our operations, and we will need to obtain all of our necessary funding from external sources in the near term. Additional financing may be required to fund our planned operations in future periods, including research and development activities relating to our principal product candidate, seeking regulatory approval of that or any other product candidate we may choose to develop, commercializing any product candidate for which we are able to obtain regulatory approval or certification, seeking to license or acquire new assets or businesses, and maintaining our intellectual property rights and pursuing rights to new technologies. We may seek to raise such funding from a variety of sources. If we raise additional funds by issuing equity or convertible debt securities, our existing stockholders’ ownership may be diluted, and obtaining commercial loans would increase our liabilities and future cash commitments. If we pursue capital through alternative sources, such as collaborations or other similar arrangements, we may be forced to relinquish rights to our proprietary technology or other intellectual property that could result in our receipt of only a portion of any revenue that may be generated from a partnered product or business. Further, we may not be able to obtain additional financing from any of these sources on commercially reasonable or acceptable terms when needed, or at all. If we cannot raise the money that we need in order to continue to operate and develop our business, we will be forced to delay, scale back or eliminate some or all of our operations. If any of these were to occur, there is a substantial risk that our business would fail and our stockholders could lose all of their investment. Further, these estimates could differ if we encounter unanticipated difficulties, or if our estimates of the amount of cash necessary to operate our business prove to be wrong, and we use our available financial resources faster than we currently expect. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. COVID-19 Considerations The global outbreak of COVID-19 has led to significant disruptions in the global economy, including the curtailment of activities by businesses and consumers in much of the world as governments and others seek to limit the spread of the disease. The extent of the impact of the pandemic on our business and financial results will depend largely on future developments, including the duration and severity of the outbreak, the length of restrictions and business closures imposed by domestic and foreign governments, the impact on capital and financial markets, all of which are highly uncertain and cannot be predicted. In the quarter ended September 30, 2020, the COVID-19 pandemic did not have a material net impact on our operating results. We have also not observed any material impairments of our assets or a significant change in the fair value of our assets due to the COVID-19 pandemic. While it is not possible at this time to estimate the full impact that COVID-19 will have on our business, restrictions resulting from COVID-19 on general economic conditions could, among other things, impair our ability to raise capital when needed. This situation is changing rapidly, and additional impacts may arise that we are not aware of currently. Basis of Presentation of Unaudited Condensed Financial Information The unaudited condensed financial statements of the Company for the three and six months ended September 30, 2020 and 2019 have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, applied on a consistent basis, and pursuant to the requirements for reporting on Form 10-Q and the requirements of Regulation S-K and Regulation S-X promulgated under the Securities Act of 1933, as amended (the “Securities Act”). Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete audited financial statements. However, the information included in these financial statements reflects all adjustments (consisting solely of normal recurring adjustments), which are, in the opinion of management, necessary for the fair presentation of the Company’s financial position and the results of operations. Results shown for interim periods are not necessarily indicative of the results to be obtained for a full fiscal year or any future annual or interim period. The balance sheet information as of March 31, 2020 was derived from the Company’s audited financial statements as of and for the year ended March 31, 2020 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on June 29, 2020. These financial statements should be read in conjunction with that report. Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Significant estimates and assumptions by management include, among others, reserves for accounts receivable, the fair value of equity instruments issued for services, and assumptions used in the valuation of derivative liabilities and the valuation allowance for deferred tax assets, and the accrual of potential liabilities. Financial Assets and Liabilities Measured at Fair Value The Company uses various inputs in determining the fair value of its investments and measures these assets on a recurring basis. Financial assets recorded at fair value in the balance sheets are categorized by the level of objectivity associated with the inputs used to measure their fair value. Authoritative guidance provided by FASB defines the following levels directly related to the amount of subjectivity associated with the inputs: Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly. Level 3 Unobservable inputs based on the Company’s assumptions. The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, accounts payable, notes payable and advance, approximate their fair values because of the short maturity of these instruments. Derivative Financial Instruments The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For stock-based derivative financial instruments, the Company uses a probability weighted average Black-Scholes-Merton models to value the derivative instruments at inception and on subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Share-Based Payments The Company periodically issues stock options, warrants, and shares of common stock as share-based compensation to employees and non-employees in non-capital raising transactions for services and for financing costs. The Company accounts for such grants issued and vesting based on FASB ASC 718, Compensation – Stock Compensation (Topic 718) The fair value of the Company’s stock options and warrants are estimated using the Black-Scholes-Merton Option Pricing model, which uses certain assumptions related to risk-free interest rates, expected volatility, expected life of the stock options or restricted stock, and future dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes-Merton Option Pricing model and based on actual experience. The assumptions used in the Black-Scholes-Merton Option Pricing model could materially affect compensation expense recorded in future periods. Basic and Diluted Loss Per Share Basic loss per share is computed by dividing the net loss applicable to common stockholders by the weighted average number of outstanding common shares during the period. Diluted loss per share is computed by dividing net loss applicable to common stockholders by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued. Diluted loss per share excludes all potential common shares if their effect is anti-dilutive. The following potentially dilutive shares were excluded from the shares used to calculate diluted earnings per share as their inclusion would be anti-dilutive: Six months ended September 30, 2020 September 30, 2019 Options 6,030,044 6,546,710 Warrants 613,335 1,135,003 Total 6,643,379 7,681,713 Research and Development Research and development costs consist primarily of fees paid to consultants and outside service providers, patent fees and costs, and other expenses relating to the acquisition, design, development and testing of the Company’s treatments and product candidates. Research and development costs are expensed as incurred. Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Credit Losses - Measurement of Credit Losses on Financial Instruments In August 2020, the FASB issued ASU No. 2020-06 (“ASU 2020-06”) Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements. |
Operating Lease
Operating Lease | 6 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Operating Lease | 2. OPERATING LEASE At September 30, 2020, the Company’s wholly-owned subsidiary, The Control Center, Inc., (“TCC”) has an operating lease agreement for office space that began in December 2012, which was amended in December 2015 and December 2019, and expires February 28, 2021. In addition, at September 30, 2020, TCC has a sublease agreement in place for the office space that began in September 2019 and expires February 28, 2021. TCC remains the primary obligor on the office space lease agreement. Sublease income was not significant during the three and six months ended September 30, 2020 and 2019. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company accounts for the lease and non-lease components of its lease as a single lease component. Lease expense is recognized on a straight-line basis over the lease term. An operating lease right-of-use (“ROU”) asset and liability is recognized at commencement date based on the present value of lease payments over the lease term. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Generally, the implicit rate of interest in arrangements is not readily determinable and the Company utilizes its incremental borrowing rate in determining the present value of lease payments. The components of lease expense and supplemental cash flow information related to leases for the period are as follows: Six Months September 30, 2020 Lease Cost Operating lease cost (included in general and administrative expenses in the Company’s unaudited condensed statement of operations) $ 66,851 Other Information Cash paid for amounts included in the measurement of lease liabilities for the three months ended September 30, 2020 $ - Weighted average remaining lease term – operating leases (in years) 0.4 Average discount rate – operating leases 6.0 % The supplemental balance sheet information related to leases for the period is as follows: At September 30, 2020 Operating leases Long-term right-of-use asset $ 56,755 Short-term operating lease liability $ 57,697 Total operating lease liabilities $ 57,697 Maturities of the Company’s lease liabilities are as follows (in thousands): Year Ending March 31 Operating Lease 2021 (remaining 6 months) $ 58,276 Total lease payments 58,276 Less: Imputed interest/present value discount (579 ) Present value of lease liabilities $ 57,697 Lease expenses were $48,485 and $94,369 during the three and six months ended September 30, 2020, respectively. |
Note Payable
Note Payable | 6 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Note Payable | 3. NOTE PAYABLE On May 6, 2020, the Company was granted a loan (the “PPP loan”) from U.S. Bank for $96,988, pursuant to the Paycheck Protection Program (the “PPP”) under the CARES Act. The PPP loan matures on May 6, 2022, bears interest at a rate of 1% per annum, with the first six months of interest deferred, is payable monthly commencing December 2020, and is unsecured and guaranteed by the U.S. Small Business Administration. The loan term may be extended to May 6, 2025, if mutually agreed to by the Company and lender. The Company applied ASC 470, Debt |
Advance
Advance | 6 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Advance | 4. ADVANCE In July 2018, we received a payment from a third party in the amount of $296,653. To date, the Company has not confirmed the nature of this payment. We have recorded this payment as an advance and at September 30, 2020 and March 31, 2020, it is included in current liabilities on the accompanying financial statements. |
Stock Options
Stock Options | 6 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock Options | 5. STOCK OPTIONS A summary of the Company’s stock option activity during the six months ended September 30, 2020 is as follows: Shares Weighted Balance outstanding at March 31, 2020 6,556,710 $ 0.89 Granted - Exercised - Expired - - Cancelled (526,666 ) 1.42 Balance outstanding at September 30, 2020 6,030,044 $ 0.97 Balance exercisable at September 30, 2020 4,655,044 $ 0.99 A summary of the Company’s stock options outstanding and exercisable as of September 30, 2020 is as follows: Number of Options Weighted Average Exercise Price Weighted Average Grant- date Stock Price Options Outstanding, September 30, 2020 750,000 $ 0.30 $ 0.30 2,000,000 $ 0.35 $ 0.35 1,664,542 $ 0.50 $ 0.50 128,000 $ 0.96 $ 0.96 130,000 $ 1.00 $ 10.00 500,834 $ 1.50 - 1.95 $ 1.50 - 1.95 687,500 $ 2.00 - 2.79 $ 2.00 - 2.79 123,334 $ 3.10 - 3.80 $ 3.10 - 3.80 45,834 $ 4.00 - 4.70 $ 4.00 - 4.70 6,030,044 Options Exercisable, September 30, 2020 375,000 $ 0.30 $ 0.30 1,000,000 $ 0.35 $ 0.35 1,664,542 $ 0.50 $ 0.50 128,000 $ 0.96 $ 0.96 130,000 $ 1.00 $ 10.00 500,834 $ 1.50 - 1.95 $ $ 1.50 - 1.95 687,500 $ 2.00 - 2.79 $ 2.00 - 2.79 123,334 $ 3.10 - 3.80 $ 3.10 - 3.80 45,834 $ 4.00 - 4.70 $ 4.00 - 4.70 4,655,044 During the six months ended September 30, 2020, we expensed total stock-based compensation related to stock options of $237,237, and the remaining unamortized cost of the outstanding stock-based awards at September 30, 2020 was approximately $271,000. The remaining unamortized cost will be amortized on a straight-line basis over a weighted average remaining vesting period of one year. At September 30, 2020, the 6,030,044 outstanding stock options had no intrinsic value. |
Warrants
Warrants | 6 Months Ended |
Sep. 30, 2020 | |
Warrants and Rights Note Disclosure [Abstract] | |
Warrants | 6. WARRANTS A summary of warrants to purchase common stock during the six months ended September 30, 2020 is as follows: Shares Weighted Average Exercise Price Balance outstanding at March 31, 2020 1,135,003 $ 2.19 Granted - - Exercised - - Expired (521,668 ) 2.13 Balance outstanding and exercisable at September 30, 2020 613,335 $ 2.24 At September 30, 2020, the 613,335 outstanding stock warrants had no intrinsic value. |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Sep. 30, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | 7. DISCONTINUED OPERATIONS In October 2018, the Company acquired Summit Healthtech, Inc. (renamed Vitality Healthtech, Inc.), a specialty healthcare clinic. In addition to Summit Healthcare, the Company sold research diagnostic testing kits (collectively, the Company’s clinical and test kit operations). In May 2019 the Company decided to close its clinical and test kit operations. The clinical and test kit operations meet the discontinued operations criteria and are reported as such in all periods presented on the accompanying condensed consolidated financial statements. The following table presents the summarized components of loss from discontinued operations for the clinical and test kit operations: Three Months Ended September 30, 2020 2019 Revenue $ - $ - Cost of sales - 1,813 Research and development - - General and administrative - 214,218 Loss from discontinued operations $ - $ (216,031 ) Six Months Ended September 30, 2020 2019 Revenue $ - $ 44,698 Cost of sales - 143,232 Research and development - 4,361 General and administrative - 563,163 Loss from discontinued operations $ - $ (666,058 ) |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. COMMITMENTS AND CONTINGENCIES SEC Investigation On August 19, 2016, we filed a resale registration statement on Form S-1 (“Form S-1”) with the SEC to register 2,650,000 shares of our common stock and 7,950,000 shares of our common stock issuable upon exercise of certain warrants. We received a letter from the Washington D.C. office of the SEC dated December 10, 2016, stating that the staff of the SEC was conducting a Section 8(e) examination with respect to this Form S-1 and that the Division of Corporate Finance would not take any further action on the Form S-1 while the examination was pending. On May 12, 2020, our outside legal counsel received a letter from the staff of the SEC’s Enforcement Division stating that it has concluded the investigation as to the Company, and that it did not intend to recommend an enforcement action by the SEC against the Company. We may be required to reimburse certain former officers and directors for legal fees related to this matter, but at September 30, 2020, management determined that the liability for those fees is not probable and we could not reasonably estimate those fees. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 9. SUBSEQUENT EVENTS In October 2020, we received $34,000 from the subtenant of the office space leased by our subsidiary, The Control Center, Inc. This payment was recorded as a reduction of rent expense and accounts payable. |
Business Operations and Summa_2
Business Operations and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Liquidity | Liquidity Since we do not have any commercial products currently available in the marketplace, the Company does not generate any revenues. As reflected in the accompanying financial statements, during the six months ended September 30, 2020, the Company incurred a net loss of $1,213,170 and used $1,134,773 of cash in our operating activities. As of September 30, 2020, we had $1,354,440 of cash on hand, stockholders’ equity of $306,456 and had working capital of $256,883. Our total expenditures for the twelve months following September 30, 2020, are expected to be approximately $1,000,000, which is comprised of research and development and general operating expenses. Based on the funds we had available on September 30, 2020, we believe that we have sufficient capital to fund our anticipated operating expenses for at least one year from the date that the financial statements in this report are issued. On November 7, 2018, the SEC suspended the trading of our common stock. Our common stock resumed trading with limited liquidity on the grey market on November 21, 2018. Grey market stocks are not traded or quoted on an exchange or inter-dealer quotation system, but are reported by broker-dealers to their self-regulatory organization (“SRO”) and the SRO distributes the trade data to market data vendors and financial websites. Since grey market securities are not traded or quoted on an exchange or inter-dealer quotation system, investor’s bids and offers are not collected in a central spot, so market transparency is diminished and execution of orders is difficult. We are actively pursuing the resumption of ordinary course trading status on the OTCQB. In September 2020, we retained DelMorgan & Co., an internationally recognized investment banking firm, to advise us on our strategic alternatives, including potential financings, asset divestitures or strategic partnerships. While we believe that our existing cash balances will be sufficient to fund our currently planned level of operations and investment activity, we may require additional financing to fund our planned future operations. We do not have any firm commitments for future capital and until the Company’s securities resume ordinary course trading on the OTCQB (or are listed on a national exchange) it will be difficult to obtain financing on commercially reasonable or acceptable terms. We do not presently have, nor do we expect in the near future to have, material revenue to fund our business from our operations, and we will need to obtain all of our necessary funding from external sources in the near term. Additional financing may be required to fund our planned operations in future periods, including research and development activities relating to our principal product candidate, seeking regulatory approval of that or any other product candidate we may choose to develop, commercializing any product candidate for which we are able to obtain regulatory approval or certification, seeking to license or acquire new assets or businesses, and maintaining our intellectual property rights and pursuing rights to new technologies. We may seek to raise such funding from a variety of sources. If we raise additional funds by issuing equity or convertible debt securities, our existing stockholders’ ownership may be diluted, and obtaining commercial loans would increase our liabilities and future cash commitments. If we pursue capital through alternative sources, such as collaborations or other similar arrangements, we may be forced to relinquish rights to our proprietary technology or other intellectual property that could result in our receipt of only a portion of any revenue that may be generated from a partnered product or business. Further, we may not be able to obtain additional financing from any of these sources on commercially reasonable or acceptable terms when needed, or at all. If we cannot raise the money that we need in order to continue to operate and develop our business, we will be forced to delay, scale back or eliminate some or all of our operations. If any of these were to occur, there is a substantial risk that our business would fail and our stockholders could lose all of their investment. Further, these estimates could differ if we encounter unanticipated difficulties, or if our estimates of the amount of cash necessary to operate our business prove to be wrong, and we use our available financial resources faster than we currently expect. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. |
COVID-19 Considerations | COVID-19 Considerations The global outbreak of COVID-19 has led to significant disruptions in the global economy, including the curtailment of activities by businesses and consumers in much of the world as governments and others seek to limit the spread of the disease. The extent of the impact of the pandemic on our business and financial results will depend largely on future developments, including the duration and severity of the outbreak, the length of restrictions and business closures imposed by domestic and foreign governments, the impact on capital and financial markets, all of which are highly uncertain and cannot be predicted. In the quarter ended September 30, 2020, the COVID-19 pandemic did not have a material net impact on our operating results. We have also not observed any material impairments of our assets or a significant change in the fair value of our assets due to the COVID-19 pandemic. While it is not possible at this time to estimate the full impact that COVID-19 will have on our business, restrictions resulting from COVID-19 on general economic conditions could, among other things, impair our ability to raise capital when needed. This situation is changing rapidly, and additional impacts may arise that we are not aware of currently. |
Basis of Presentation of Unaudited Condensed Financial Information | Basis of Presentation of Unaudited Condensed Financial Information The unaudited condensed financial statements of the Company for the three and six months ended September 30, 2020 and 2019 have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, applied on a consistent basis, and pursuant to the requirements for reporting on Form 10-Q and the requirements of Regulation S-K and Regulation S-X promulgated under the Securities Act of 1933, as amended (the “Securities Act”). Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete audited financial statements. However, the information included in these financial statements reflects all adjustments (consisting solely of normal recurring adjustments), which are, in the opinion of management, necessary for the fair presentation of the Company’s financial position and the results of operations. Results shown for interim periods are not necessarily indicative of the results to be obtained for a full fiscal year or any future annual or interim period. The balance sheet information as of March 31, 2020 was derived from the Company’s audited financial statements as of and for the year ended March 31, 2020 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on June 29, 2020. These financial statements should be read in conjunction with that report. |
Estimates | Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Significant estimates and assumptions by management include, among others, reserves for accounts receivable, the fair value of equity instruments issued for services, and assumptions used in the valuation of derivative liabilities and the valuation allowance for deferred tax assets, and the accrual of potential liabilities. |
Financial Assets and Liabilities Measured at Fair Value | Financial Assets and Liabilities Measured at Fair Value The Company uses various inputs in determining the fair value of its investments and measures these assets on a recurring basis. Financial assets recorded at fair value in the balance sheets are categorized by the level of objectivity associated with the inputs used to measure their fair value. Authoritative guidance provided by FASB defines the following levels directly related to the amount of subjectivity associated with the inputs: Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly. Level 3 Unobservable inputs based on the Company’s assumptions. The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, accounts payable, notes payable and advance, approximate their fair values because of the short maturity of these instruments. |
Derivative Financial Instruments | Derivative Financial Instruments The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For stock-based derivative financial instruments, the Company uses a probability weighted average Black-Scholes-Merton models to value the derivative instruments at inception and on subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. |
Share-Based Payments | Share-Based Payments The Company periodically issues stock options, warrants, and shares of common stock as share-based compensation to employees and non-employees in non-capital raising transactions for services and for financing costs. The Company accounts for such grants issued and vesting based on FASB ASC 718, Compensation – Stock Compensation (Topic 718) The fair value of the Company’s stock options and warrants are estimated using the Black-Scholes-Merton Option Pricing model, which uses certain assumptions related to risk-free interest rates, expected volatility, expected life of the stock options or restricted stock, and future dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes-Merton Option Pricing model and based on actual experience. The assumptions used in the Black-Scholes-Merton Option Pricing model could materially affect compensation expense recorded in future periods. |
Basic and Diluted Loss Per Share | Basic and Diluted Loss Per Share Basic loss per share is computed by dividing the net loss applicable to common stockholders by the weighted average number of outstanding common shares during the period. Diluted loss per share is computed by dividing net loss applicable to common stockholders by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued. Diluted loss per share excludes all potential common shares if their effect is anti-dilutive. The following potentially dilutive shares were excluded from the shares used to calculate diluted earnings per share as their inclusion would be anti-dilutive: Six months ended September 30, 2020 September 30, 2019 Options 6,030,044 6,546,710 Warrants 613,335 1,135,003 Total 6,643,379 7,681,713 |
Research and Development | Research and Development Research and development costs consist primarily of fees paid to consultants and outside service providers, patent fees and costs, and other expenses relating to the acquisition, design, development and testing of the Company’s treatments and product candidates. Research and development costs are expensed as incurred. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Credit Losses - Measurement of Credit Losses on Financial Instruments In August 2020, the FASB issued ASU No. 2020-06 (“ASU 2020-06”) Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements. |
Business Operations and Summa_3
Business Operations and Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following potentially dilutive shares were excluded from the shares used to calculate diluted earnings per share as their inclusion would be anti-dilutive: Six months ended September 30, 2020 September 30, 2019 Options 6,030,044 6,546,710 Warrants 613,335 1,135,003 Total 6,643,379 7,681,713 |
Operating Lease (Tables)
Operating Lease (Tables) | 6 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Schedule of Lease Expenses | The components of lease expense and supplemental cash flow information related to leases for the period are as follows: Six Months September 30, 2020 Lease Cost Operating lease cost (included in general and administrative expenses in the Company’s unaudited condensed statement of operations) $ 66,851 Other Information Cash paid for amounts included in the measurement of lease liabilities for the three months ended September 30, 2020 $ - Weighted average remaining lease term – operating leases (in years) 0.4 Average discount rate – operating leases 6.0 % |
Schedule of Supplement Related to Lease | The supplemental balance sheet information related to leases for the period is as follows: At September 30, 2020 Operating leases Long-term right-of-use asset $ 56,755 Short-term operating lease liability $ 57,697 Total operating lease liabilities $ 57,697 |
Schedule of Maturities of Lease Liabilities | Maturities of the Company’s lease liabilities are as follows (in thousands): Year Ending March 31 Operating Lease 2021 (remaining 6 months) $ 58,276 Total lease payments 58,276 Less: Imputed interest/present value discount (579 ) Present value of lease liabilities $ 57,697 |
Stock Options (Tables)
Stock Options (Tables) | 6 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Stock Option Activity | A summary of the Company’s stock option activity during the six months ended September 30, 2020 is as follows: Shares Weighted Balance outstanding at March 31, 2020 6,556,710 $ 0.89 Granted - Exercised - Expired - - Cancelled (526,666 ) 1.42 Balance outstanding at September 30, 2020 6,030,044 $ 0.97 Balance exercisable at September 30, 2020 4,655,044 $ 0.99 |
Schedule of Stock Options Outstanding and Exercisable | A summary of the Company’s stock options outstanding and exercisable as of September 30, 2020 is as follows: Number of Options Weighted Average Exercise Price Weighted Average Grant- date Stock Price Options Outstanding, September 30, 2020 750,000 $ 0.30 $ 0.30 2,000,000 $ 0.35 $ 0.35 1,664,542 $ 0.50 $ 0.50 128,000 $ 0.96 $ 0.96 130,000 $ 1.00 $ 10.00 500,834 $ 1.50 - 1.95 $ 1.50 - 1.95 687,500 $ 2.00 - 2.79 $ 2.00 - 2.79 123,334 $ 3.10 - 3.80 $ 3.10 - 3.80 45,834 $ 4.00 - 4.70 $ 4.00 - 4.70 6,030,044 Options Exercisable, September 30, 2020 375,000 $ 0.30 $ 0.30 1,000,000 $ 0.35 $ 0.35 1,664,542 $ 0.50 $ 0.50 128,000 $ 0.96 $ 0.96 130,000 $ 1.00 $ 10.00 500,834 $ 1.50 - 1.95 $ $ 1.50 - 1.95 687,500 $ 2.00 - 2.79 $ 2.00 - 2.79 123,334 $ 3.10 - 3.80 $ 3.10 - 3.80 45,834 $ 4.00 - 4.70 $ 4.00 - 4.70 4,655,044 |
Warrants (Tables)
Warrants (Tables) | 6 Months Ended |
Sep. 30, 2020 | |
Warrants and Rights Note Disclosure [Abstract] | |
Summary of Warrants Activity | A summary of warrants to purchase common stock during the six months ended September 30, 2020 is as follows: Shares Weighted Average Exercise Price Balance outstanding at March 31, 2020 1,135,003 $ 2.19 Granted - - Exercised - - Expired (521,668 ) 2.13 Balance outstanding and exercisable at September 30, 2020 613,335 $ 2.24 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Sep. 30, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Discontinued Operations for Summit Healthcare | The following table presents the summarized components of loss from discontinued operations for the clinical and test kit operations: Three Months Ended September 30, 2020 2019 Revenue $ - $ - Cost of sales - 1,813 Research and development - - General and administrative - 214,218 Loss from discontinued operations $ - $ (216,031 ) Six Months Ended September 30, 2020 2019 Revenue $ - $ 44,698 Cost of sales - 143,232 Research and development - 4,361 General and administrative - 563,163 Loss from discontinued operations $ - $ (666,058 ) |
Business Operations and Summa_4
Business Operations and Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||
Net loss | $ (472,932) | $ (1,227,450) | $ (1,213,170) | $ (2,818,729) | ||||
Net cash used in operating activities | (1,134,773) | (2,024,277) | ||||||
Cash on hand | 1,354,440 | 1,354,440 | ||||||
Stockholders' equity | 306,456 | $ 2,552,619 | 306,456 | $ 2,552,619 | $ 667,078 | $ 1,282,389 | $ 3,669,702 | $ 5,021,076 |
Working capital | $ 256,883 | 256,883 | ||||||
Total expected expenditure for operating expenses and investment activity | $ 1,000,000 |
Business Operations and Summa_5
Business Operations and Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares | 6 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Antidilutive securities excluded from computation of earnings per share | 6,643,379 | 7,681,713 |
Options [Member] | ||
Antidilutive securities excluded from computation of earnings per share | 6,030,044 | 6,546,710 |
Warrants [Member] | ||
Antidilutive securities excluded from computation of earnings per share | 613,335 | 1,135,003 |
Operating Lease (Details Narra
Operating Lease (Details Narrative) - USD ($) | 6 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Operating lease remaining lease term | 12 months | |
Lease expenses | $ 66,851 | $ 62,103 |
Operating Lease Agreement [Member] | ||
Lease expenses | $ 48,485 | $ 94,369 |
Operating Lease - Schedule of L
Operating Lease - Schedule of Lease Expenses (Details) | 6 Months Ended |
Sep. 30, 2020USD ($) | |
Leases [Abstract] | |
Operating lease cost (included in general and administrative expenses in the accompanying statement of operations) | $ 666,851 |
Cash paid for amounts included in the measurement of lease liabilities for the three months ended June 30, 2020 | |
Weighted average remaining lease term - operating leases (in years) | 4 months 24 days |
Average discount rate - operating leases | 6.00% |
Operating Lease - Schedule of S
Operating Lease - Schedule of Supplement Related to Lease (Details) - USD ($) | Sep. 30, 2020 | Mar. 31, 2020 |
Leases [Abstract] | ||
Operating Leases: Long-term right-of-use asset | $ 56,755 | $ 123,606 |
Operating Leases: Short-term operating lease liability | 57,697 | $ 125,679 |
Operating Leases: Total operating lease liabilities | $ 57,697 |
Operating Lease - Schedule of M
Operating Lease - Schedule of Maturities of Lease Liabilities (Details) | Sep. 30, 2020USD ($) |
Leases [Abstract] | |
2021 (remaining 6 months) | $ 58,276 |
Total lease payments | 58,276 |
Less: Imputed interest/present value discount | (579) |
Present value of lease liabilities | $ 57,697 |
Note Payable (Details Narrative
Note Payable (Details Narrative) - Paycheck Protection Program [Member] - U.S. Bank [Member] | May 06, 2020USD ($) |
Loans payable | $ 96,988 |
Debt maturity date | May 6, 2022 |
Debt instrument, interest rate | 1.00% |
Debt maturity description | Extended to May 6, 2025 |
Advance (Details Narrative)
Advance (Details Narrative) - USD ($) | Sep. 30, 2020 | Mar. 31, 2020 | Jul. 31, 2018 |
Receivables [Abstract] | |||
Advance | $ 296,653 | $ 296,653 | $ 296,653 |
Stock Options (Details Narrativ
Stock Options (Details Narrative) - USD ($) | 6 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |||
Stock-based compensation expense | $ 237,237 | $ 350,272 | |
Unamortized cost of outstanding stock-based awards | $ 271,000 | ||
Weighted average remaining vesting period | 1 year | ||
Outstanding stock options | 6,030,044 | 6,556,710 |
Stock Options - Summary of Stoc
Stock Options - Summary of Stock Option Activity (Details) | 6 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Share-based Payment Arrangement [Abstract] | |
Shares Outstanding, Beginning Balance Outstanding | shares | 6,556,710 |
Shares, Granted | shares | |
Shares, Exercised | shares | |
Shares, Expired | shares | |
Shares, Cancelled | shares | (526,666) |
Shares Outstanding, Ending Balance | shares | 6,030,044 |
Shares, Balance Exercisable | shares | 4,655,044 |
Weighted Average Exercise Price, Outstanding Beginning Balance | $ / shares | $ 0.89 |
Weighted Average Exercise Price, Granted | $ / shares | |
Weighted Average Exercise Price, Exercised | $ / shares | |
Weighted Average Exercise Price, Expired | $ / shares | |
Weighted Average Exercise Price, Cancelled | $ / shares | 1.42 |
Weighted Average Exercise Price, Outstanding Ending Balance | $ / shares | 0.97 |
Weighted Average Exercise Price, Balance Exercisable | $ / shares | $ 0.99 |
Stock Options - Schedule of Sto
Stock Options - Schedule of Stock Options Outstanding and Exercisable (Details) - $ / shares | 6 Months Ended | |
Sep. 30, 2020 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Options, Options Outstanding | 6,030,044 | 6,556,710 |
Weighted Average Grant-date Stock Price, Options Outstanding | ||
Number of Options, Options Exercisable | 4,655,044 | |
Stock Options One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Options, Options Outstanding | 750,000 | |
Weighted Average Exercise Price, Options Outstanding | $ 0.30 | |
Weighted Average Grant-date Stock Price, Options Outstanding | $ 0.30 | |
Number of Options, Options Exercisable | 375,000 | |
Weighted Average Exercise Price, Options Exercisable | $ 0.30 | |
Weighted Average Grant-date Stock Price, Options Exercisable | $ 0.30 | |
Stock Options Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Options, Options Outstanding | 2,000,000 | |
Weighted Average Exercise Price, Options Outstanding | $ 0.35 | |
Weighted Average Grant-date Stock Price, Options Outstanding | $ 0.35 | |
Number of Options, Options Exercisable | 1,000,000 | |
Weighted Average Exercise Price, Options Exercisable | $ 0.35 | |
Weighted Average Grant-date Stock Price, Options Exercisable | $ 0.35 | |
Stock Options Three [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Options, Options Outstanding | 1,664,542 | |
Weighted Average Exercise Price, Options Outstanding | $ 0.50 | |
Weighted Average Grant-date Stock Price, Options Outstanding | $ 0.50 | |
Number of Options, Options Exercisable | 1,664,542 | |
Weighted Average Exercise Price, Options Exercisable | $ 0.50 | |
Weighted Average Grant-date Stock Price, Options Exercisable | $ 0.50 | |
Stock Options Four [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Options, Options Outstanding | 128,000 | |
Weighted Average Exercise Price, Options Outstanding | $ 0.96 | |
Weighted Average Grant-date Stock Price, Options Outstanding | $ 0.96 | |
Number of Options, Options Exercisable | 128,000 | |
Weighted Average Exercise Price, Options Exercisable | $ 0.96 | |
Weighted Average Grant-date Stock Price, Options Exercisable | $ 0.96 | |
Stock Options Five [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Options, Options Outstanding | 130,000 | |
Weighted Average Exercise Price, Options Outstanding | $ 1 | |
Weighted Average Grant-date Stock Price, Options Outstanding | $ 10 | |
Number of Options, Options Exercisable | 130,000 | |
Weighted Average Exercise Price, Options Exercisable | $ 1 | |
Weighted Average Grant-date Stock Price, Options Exercisable | $ 10 | |
Stock Options Six [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Options, Options Outstanding | 500,834 | |
Number of Options, Options Exercisable | 500,834 | |
Stock Options Six [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted Average Exercise Price, Options Outstanding | $ 1.50 | |
Weighted Average Grant-date Stock Price, Options Outstanding | 1.50 | |
Weighted Average Exercise Price, Options Exercisable | 1.50 | |
Weighted Average Grant-date Stock Price, Options Exercisable | 1.50 | |
Stock Options Six [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted Average Exercise Price, Options Outstanding | 1.50 | |
Weighted Average Grant-date Stock Price, Options Outstanding | 1.95 | |
Weighted Average Exercise Price, Options Exercisable | 1.95 | |
Weighted Average Grant-date Stock Price, Options Exercisable | $ 1.95 | |
Stock Options Seven [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Options, Options Outstanding | 687,500 | |
Number of Options, Options Exercisable | 687,500 | |
Stock Options Seven [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted Average Exercise Price, Options Outstanding | $ 2 | |
Weighted Average Grant-date Stock Price, Options Outstanding | 2 | |
Weighted Average Exercise Price, Options Exercisable | 2 | |
Weighted Average Grant-date Stock Price, Options Exercisable | 2 | |
Stock Options Seven [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted Average Exercise Price, Options Outstanding | 2.79 | |
Weighted Average Grant-date Stock Price, Options Outstanding | 2.79 | |
Weighted Average Exercise Price, Options Exercisable | 2.79 | |
Weighted Average Grant-date Stock Price, Options Exercisable | $ 2.79 | |
Stock Options Eight [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Options, Options Outstanding | 123,334 | |
Number of Options, Options Exercisable | 123,334 | |
Stock Options Eight [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted Average Exercise Price, Options Outstanding | $ 3.10 | |
Weighted Average Grant-date Stock Price, Options Outstanding | 3.10 | |
Weighted Average Exercise Price, Options Exercisable | 3.10 | |
Weighted Average Grant-date Stock Price, Options Exercisable | 3.10 | |
Stock Options Eight [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted Average Exercise Price, Options Outstanding | 3.80 | |
Weighted Average Grant-date Stock Price, Options Outstanding | 3.80 | |
Weighted Average Exercise Price, Options Exercisable | 3.80 | |
Weighted Average Grant-date Stock Price, Options Exercisable | $ 3.80 | |
Stock Options Nine[Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Options, Options Outstanding | 45,834 | |
Number of Options, Options Exercisable | 45,834 | |
Stock Options Nine[Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted Average Exercise Price, Options Outstanding | $ 4 | |
Weighted Average Grant-date Stock Price, Options Outstanding | 4 | |
Weighted Average Exercise Price, Options Exercisable | 4 | |
Weighted Average Grant-date Stock Price, Options Exercisable | 4 | |
Stock Options Nine[Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted Average Exercise Price, Options Outstanding | 4.70 | |
Weighted Average Grant-date Stock Price, Options Outstanding | 4.70 | |
Weighted Average Exercise Price, Options Exercisable | 4.70 | |
Weighted Average Grant-date Stock Price, Options Exercisable | $ 4.70 |
Warrants (Details Narrative)
Warrants (Details Narrative) | Sep. 30, 2020shares |
Warrants [Member] | |
Outstanding warrants | 613,335 |
Warrants - Summary of Warrants
Warrants - Summary of Warrants Activity (Details) - Warrants [Member] | 6 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Number of Shares, Warrants Outstanding, Beginning Balance | shares | 1,135,003 |
Number of Shares, Warrants Granted | shares | |
Number of Shares, Warrants Exercised | shares | |
Number of Shares, Warrants Expired | shares | (521,668) |
Number of Shares, Warrants Outstanding and Exercisable Ending Balance | shares | 613,335 |
Weighted Average Exercise Price, Warrants Outstanding, Beginning Balance | $ / shares | $ 2.19 |
Weighted Average Exercise Price, Warrants Outstanding, Granted | $ / shares | |
Weighted Average Exercise Price, Warrants Outstanding, Exercised | $ / shares | |
Weighted Average Exercise Price, Warrants Outstanding, Expired | $ / shares | 2.13 |
Weighted Average Exercise Price, Warrants Outstanding, Outstanding and Exercisable, Ending Balance | $ / shares | $ 2.24 |
Discontinued Operations - Sched
Discontinued Operations - Schedule of Discontinued Operations for Summit Healthcare (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | ||||
Revenue | $ 44,698 | |||
Cost of sales | 1,813 | 143,232 | ||
Research and development | 4,361 | |||
General and administrative | 214,218 | 563,163 | ||
Loss from discontinued operations | $ (216,031) | $ (666,058) |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) | Aug. 19, 2016shares |
Common Stock One [Member] | |
Common stock issuable upon exercise of certain warrants | 2,650,000 |
Common Stock Two [Member] | |
Common stock issuable upon exercise of certain warrants | 7,950,000 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | |
Oct. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | |
Operating lease amount | $ 66,851 | $ 62,103 | |
Subsequent Event [Member] | The Control Center Inc [Member] | |||
Operating lease amount | $ 34,000 |